Solana (SOL) is currently seeing a potential rally of over 1,800% after breaking out of a bullish cup-and-handle pattern, which suggests a price target of $4,700. This technical formation, identified by analyst Ali Martinez, signals strong upward momentum after a period of consolidation.
In a cup-and-handle pattern, a rounded “cup” is followed by a smaller “handle” dip, indicating buying pressure is building as the asset breaks above the resistance level. For Solana, the breakout occurred after reclaiming the $220 mark.
The $4,700 target would elevate Solana’s market cap to $2.29 trillion, surpassing Bitcoin (BTC)—an ambitious projection, especially if Bitcoin’s growth remains minimal.
The breakout aligns with short-term bullish momentum and positive market sentiment, partly fueled by expectations surrounding Donald Trump’s inauguration and a potential executive order on cryptocurrencies.
Short-term price targets also show significant upward potential. Analyst Sheldon The Sniper suggests Solana could reach between $500 to $600, with key resistance levels at $324, $416, and $504. Additionally, Alan Santana projects $300 in the near term based on bullish technical indicators.
At press time, Solana was trading around $242, showing 10% gains over the last 24 hours and a 31% increase on the weekly chart. Its 14-day Relative Strength Index (RSI) is at 60.33, indicating the asset is not yet overbought and leaves room for further growth.
If Solana experiences a pullback, it may present a buying opportunity, with resistance at $250.
